New Mexico Commercial Auto Insurance: Quotes From $30/mo

Drunk driving and distracted driving are the main causes of car crashes in New Mexico. It’s estimated that  in every 12 minutes, an auto accident in New Mexico occurs. The chances of getting into a car crash are high in New Mexico, especially if you drive a commercial pickup truck used for hot shot trucking. 

Read on to learn what commercial auto insurance is, incidents and the beneficial add-ons you can purchase. And if you are wondering what’s the best NM commercial auto insurance company, then worry not as we got you covered.

What is Commercial Auto Insurance?

This business insurance policy is designed to protect your business from any financial constraint in case your commercial car gets hit or hits another vehicle, object, or person. This policy doesn’t compensate you for the damage or loss of your items. It also doesn’t cover leased or rented vehicles. Vehicles covered under NM commercial auto insurance policies include taxis, rickshaws, tempos, lorries, forklifts, and vehicles used for construction.


Auto Accident Statistics in New Mexico

Data collected, analyzed, and published by the New Mexico Department of Transportation have shown that there have been a total of 118 auto-related fatalities from January to April in 2023. Out of this total, 19 fatalities were caused by drunk driving and the rest were not. As of today, only 6 pedestrians have sustained fatal injuries.

Most crashes occur in December and on Fridays between 12:00 PM and 6:00 PM. Therefore, as the year progresses the number of recorded fatalities is likely to increase in number. A 2015 NMDOT showed that drivers of ages 19-29 caused more crashes than any other age group. Santa Fe, Albuquerque, Las Cruces, Farmington, and Rio Rancho are the five places in New Mexico where the most car accidents happen each year.

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New Mexico Commercial Auto Insurance Requirements

You must carry $25,000 per person for bodily injury, $50,000 per accident, and $10,000 per accident for property damage. Failure to achieve these conditions will prevent commercial vehicle registration. Driving without insurance can lead to fines, penalties, and legal issues. Ensure compliance and protect yourself by obtaining the necessary coverage for your commercial vehicle.


Components of New Mexico Commercial Auto Insurance

Commercial auto insurance is made up of the following coverages:

Liability Insurance

This component exempts you from any financial responsibilities you may be liable for if your commercial vehicle causes third-party bodily injuries and property damage. Under this coverage, your insurer also pays your legal expenses and settlement fee if a third party sues you for bodily injuries or property damages.


Uninsured Motorist Coverage

If you get into an accident with an uninsured or an underinsured motorist, your insurer will cover your and your passengers’ medical and injury-related expenses. Some of the other costs covered under this policy include; lost wages and funeral expenses. Your insurer will also cover the cost of repairing your damaged commercial vehicle under this coverage/component.


Collision Coverage

This component provides you with coverage against collision incidents and events. For example, if your commercial vehicle gets dented upon collision with an object or another vehicle, your insurer will cover the repair costs under this coverage.


Comprehensive Coverage

Under this component, your insurer will cater to the cost of repairing your damaged vehicle resulting from non-collision incidents or events. Such incidents/events include damage by fire, theft, vandalism, and falling objects. Some weather-related incidents and natural calamities, such as floods, lightning, and landslides, are also covered under this component.


Medical Payments Coverage

It’s sometimes referred to as MedPay. Suppose you and anyone else (including your employees and family members) traveling in your commercial vehicle sustain bodily injuries. In that case, your insurer will cater to all your medical expenses by using this coverage. Your medical bills will be catered for regardless of who is at fault.


Add-Ons to New Mexico Commercial Auto Insurance

Here are some add-ons you can include to your policy:

  • Accident forgiveness insurance–This add-on ensures your premium rate remains constant after your first accident. You only qualify to apply for this add-on if you have been accident-free for the last 5 years

  • Gap insurance–Also called loan/lease gap coverage–This add-on helps you pay off your commercial vehicle loan if your car is stolen and you owe more than your car’s depreciated value

  • 24/7 Roadside assistance insurance–This add-on provides 24/7 emergency services if your commercial vehicle breaks down while you are on the road. Some of the emergency services covered under this add-on include battery jump start, fuel delivery, vehicle towing, flat tire changing, and lock-out assistance services

  • Rental reimbursement insurance–This add-on protects you from incurring the costs of renting a car while your insured vehicle is being repaired under an authorized garage. For this add-on to be effective, your commercial car must be under repair due to damages caused by an insured risk. This add-on also doesn’t have a deductible

  • Engine protection insurance–This add-on protects you from incurring the cost of replacing or repairing your commercial vehicle engine and some of its parts following their damage by water ingress or accidental leakage of lubricant oil. The crankshaft, cylinder, hydrostatic lock, and gearbox are some parts of your engine covered under this add-on

  • Tire protect coverage–Covers all the expenses associated with repairing or replacing your commercial vehicle’s tires. Damages covered under this policy include tire cuts, bursts, bulges, or punctures

  • Return to invoice coverage–If your commercial vehicle gets destroyed beyond repair or is stolen, your insurer will pay you the same amount you used to purchase your car as compensation for your loss. This add-on provides coverage to 3 to 5 years old cars only

  • Loss of personal belongings coverage–You can use this add-on for compensation if your items/belongings are damaged or stolen from your insured car following an accident

Incidences When You Can Use New Mexico Commercial Auto Insurance

Some incidents where you can use commercial auto insurance are:

  • If you hit another vehicle

  • If your vehicle destroys your competitor’s or your neighbor’s property

  • If you are the at-fault driver who causes bodily injury to another motorist or pedestrian

  • If you are hit by an uninsured or an underinsured motorist

  • If your commercial vehicle is damaged by adverse weather conditions or natural calamities

  • If your vehicle gets damaged by fire, theft, and acts of vandalism

  • If you want your insurer to cater to you and your passenger’s medical expenses

  • If you want to be compensated for the loss of wages after being hit by an uninsured motorist

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New Mexico Commercial Auto Insurance Cost

New Mexico commercial auto insurance is $30 per month or $360 per year for a $1 million auto liability coverage. Here’s a table showing how much the best companies charge for their $1 million auto liability coverage included in commercial auto insurance:

Cost per Month Cost per Year Best for
NEXT $16 $192 Best overall; Fastest commercial auto insurance
CoverWallet $19 $228 Comparing commercial auto insurance quotes online
The Hartford $22 $264 Well-established and large-scale business owners who need extensive commercial auto insurance coverage
Tivly $24 $288 Comparing commercial auto insurance quotes over the phone
Thimble $26 $312 Business owners looking for short-term or event-based coverage
Hiscox $28 $336 Small business owners whose businesses are located in high-risk areas


Factors That Determine New Mexico Commercial Auto Insurance Premium Rates

Below are some of the factors that influence your monthly and annual NM commercial auto insurance premium rates:


Age and Driving Experience

Young drivers cause more accidents than older drivers, this is according to the Insurance Institute for Highway Safety. Thus older drivers pay lower premium rates than young drivers.


Coverage Limits

Coverage limits pertain to the amount of money you get from a commercial auto policy. The higher your coverage limits are, the higher your commercial auto insurance NM premium rates will be.


Deductibles

Deductibles are the specific amount of money a policyholder pays before their insurer of choice pays them for a reported claim. Therefore, the higher your commercial auto insurance deductibles are the lesser you will pay for your premium rates.


Type of Business

The type of operations or activities your business engages in directly influences your commercial auto insurance NM premium rates. Different businesses are exposed to different levels of risk. For example, construction workers are exposed to higher levels of risk than food delivery workers.


Type and Number of Vehicles Being Insured

The cost of repairing your commercial vehicle, its theft rate, safety ratings, and its market value are all factors that an insurer will assess when calculating your premium rate. A policyholder with 2 vehicles will pay less premium rates than a policyholder with eight commercial vehicles. The higher the number of commercial vehicles, the higher you will pay for your premium policy.


Your Employees and Your Driving History

The number of accidents you have caused and your history of violating traffic rules and laws are what insurers evaluate under your driving history. Insurance providers will evaluate your driving history for the past 3 to 5 years before calculating your premium rates for this policy. Thus, if you are found to have violated numerous traffic rules or caused many accidents, then your premium rates will probably be higher.

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Best New Mexico Commercial Auto Insurance Companies

Here are the best New Mexico commercial auto insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million auto liability policy:


NEXT

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest commercial auto insurance

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies

Cons

  • Couldn’t find any

NEXT was founded in 2016 by Guy Goldstein, Nissim Tapiro, and Alon Huri. This privately owned insurance company is 100% digitally managed and operated. NEXT specializes in providing discounted, customizable, and competitively priced insurance policies to small-scale business owners. Customers can report claims any time of the week thanks to its AI technology.

Best for: Best overall; Fastest commercial auto insurance

Average cost: $16 per month

Our rating: 10/10


CoverWallet 

Pros

  • Access to free quotes from longstanding insurers

  • Large insurance policy catalog

  • You can purchase your premiums monthly or annually online

Cons

  • Not an insurance company but an insurance broker

CoverWallet allows policyholders to benefit from peer risk comparison features and automatic risk analysis services. Apart from dealing in commercial auto insurance, this New York-based insurance company works in partnership with several long-standing insurers to provide its clientele with the following coverage: commercial property insurance, professional liability insurance, business owner’s policy, workers comp insurance, umbrella insurance, and general liability insurance.

Best for: Comparing commercial auto insurance quotes online 

Average cost: $19 per month

Our rating: 10/10


The Hartford

Pros

  • Provides coverage to all 50 states

  • Provides commercial auto insurance add-ons

  • Offers its policyholders several insurance discounts

Cons

  • Its coverage options are only available to AARP members

The Hartford is a publicly traded insurance company that was founded in 1810. Despite it not being a BBB accredited member the AM Best and BBB rates this financially stable insurance company an A+ grade. Policyholders can report and manage their claims through its mobile app. It also offers 24/7 online and phone claim reporting services to all its policyholders across the USA.

Best for: Well-established and large-scale business owners who need extensive commercial auto insurance coverage

Average cost: $22 per month

Our rating: 10/10


Tivly 

Pros

  • Has a user-friendly online platform

  • Matches its policyholders with coverage options that suit their needs

  • A partner of reputable insurance companies 

Cons

  • You need to call to compare quotes

Tivly is an online insurance agency that has partnered with 200 insurance carriers to facilitate its customers with the acquisition of the following coverage options: general liability insurance, professional liability insurance, business owner’s policy, and workers comp insurance. The AM Best rates Tivly as an A-grade insurance agency. Call now to compare quotes over the phone. 

Best for: Comparing commercial auto insurance quotes over the phone 

Average cost: $24 per month

Our rating: 9/10


Thimble 

Pros

  • Provides event-based coverage

  • You can cancel your policy payment at any time without attracting any penalty fees

  • Quickly issues an estimate of your rates

Cons

  • Tivly manages its commercial auto insurance policies

Thimble is an online USA-based insurance company. It specializes in selling by-the-job, month, day, and hourly insurance coverage to small-scale business owners across the USA. Thimble is the only insurance company in the USA that allows its customers to purchase policies through a mobile app. Despite not underwriting commercial auto insurance, Thimble facilitates business owners with the acquisition of the following insurance policies: general liability insurance, professional liability insurance, business owner’s policy, and workers comp insurance.

Best for: Business owners looking for short-term or event-based coverage

Average cost: $26 per month

Our rating: 9/10


Hiscox 

Pros

  • Small-scale business specialist

  • Provides global professional liability coverage

  • Worldwide coverage

  • Quick to customize quotes

Cons

  • It’s yet to provide coverage to the state of Alaska

Hiscox is a public global insurance provider that was founded in 1901. The AM best rates this Anglo-Bermuda-based insurer as an A grade. The BBB rates Hiscox as an A+ insurance company. Its policyholders can report a claim by using its mobile app, through its official mobile number, and via email. Some of the policies this international insurer underwrites include professional liability insurance, workers comp insurance, business owner’s policy, cyber security insurance, and general liability insurance.

Best for: Small business owners whose businesses are located in high-risk areas

Average cost: $28 per month

Our rating: 9/10

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